Henkel has announced an agreement to acquire the Dutch based Stahl Group for €2.1 billion, strengthening its Adhesive Technologies business and expanding into the adjacent category of high performance specialty coatings for flexible materials.

 

Stahl is an innovative player in specialty coatings for flexible substrates, serving leading brands in the automotive, fashion & lifestyle, and packaging industries. Its portfolio includes leather finishing coatings, performance coatings, and high performance paper packaging and graphics coatings. 

 

The company employs around 1,700 people and generated adjusted sales of approximately €725 million in fiscal year 2025, with a balanced regional footprint.

 

Henkel views the acquisition as a significant expansion of its Adhesive Technologies business. “With the acquisition of Stahl, we will further strengthen our Adhesive Technologies business unit in line with our strategic agenda for purposeful growth,” said Henkel CEO Carsten Knobel. 

 

“It enables us to expand into the attractive adjacent category of specialty coatings, driving further growth in core and new end markets, driving further growth in our Adhesive Technologies business unit. Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed to two significant M&A projects, adding up close to one billion euros of sales and substantially advancing the growth potential for our world-class Adhesive Technologies business.”

 

Stahl’s leadership echoed the alignment between the two organizations. “We are deeply grateful to Wendel for the long-term partnership and support that has shaped Stahl over the past two decades. Under Wendel’s ownership, Stahl has transformed into a focused, pureplay specialty coatings company with a strong global footprint and resilient market position,” said Maarten Heijbroek, CEO of Stahl.

 

“As we move into our next chapter under the Henkel umbrella, we believe this acquisition will further strengthen our leadership in specialty coatings for flexible materials. Henkel’s robust innovation capabilities and our shared values make this a natural and exciting next step.”

 

Stahl is majority owned by Wendel SE (68.5%), alongside BASF (16.1%) and Clariant (14.6%). 

 

The transaction is subject to customary conditions, including mandatory consultation processes and regulatory approvals.